Dog-themed cryptocurrency Shiba Inu (SHIB) has added another zero to its price, disappointing bulls. At the time of writing, SHIB it was down 3.23% in the last 24 hours to $0.0000097.
Dog-themed cryptocurrency Shiba Inu (SHIB) has added another zero to its price, disappointing bulls. At the time of writing, SHIB it was down 3.23% in the last 24 hours to $0.0000097.
Shiba Inu had remained above the $0.00001 mark early in trading yesterday; Guru-Investingreported how the bulls made persistent efforts to prevent SHIB from losing this level and thus add an additional zero to its price.
The Shiba Inu bulls’ attempt, however, came to a standstill as the bears invaded the market. Bitcoin (BTC) fell precipitously by almost 10% as euphoria over the approval of the Bitcoin ETF this week gave way to a massive rout.
Shiba Inu also fell, falling from highs of $0.0000103 to $0.0000093 before recovering slightly to where it is currently trading.
In the process, SHIB fell back below the crucial MA 50 daily support of $0.00000983. If SHIB reclaims this level, it could proceed to retest the $0.0000105 level once again, leading the bulls to set their sights on the $0.000011 mark.
On the contrary, $0.0000085 appears to be important support for SHIB, and the price recovered from this level on two occasions in January. If this breaks, SHIB could target the $0.0000839 level, which coincides with the upcoming daily MA 200.
The relentless Shiba Inu whales
As Shiba Inu strives to erase the extra zero added to its price, Shiba Inu whales seem to be waking up and taking action on the market.
According In the block According to data, the large trading volume of Shiba Inu increased slightly by 11.69% in the last 24 hours. A total of 7.12 trillion SHIB represents the volume of large transactions, that is, those exceeding $100,000. This amounted to $72.16 million in monetary terms.
Spikes in this category of transactions typically represent increased activity among whales, either buying or selling.
